Bite sized summaries of the latest legal technologies + who should use them + guest interviews. <br/><br/><a href="https://legaltechtapas.substack.com?utm_medium=podcast">legaltechtapas.substack.com</a>
Legaltech Tapas
Claim This Podcastby Andrew Jardine
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11 episodes
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Podcast Overview
Bite sized summaries of the latest legal technologies + who should use them + guest interviews. <br/><br/><a href="https://legaltechtapas.substack.com?utm_medium=podcast">legaltechtapas.substack.com</a>
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Publishing Since
8/19/2019
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Recent Episodes
September 18, 2020
10. Clarilis - James Quinn Interview
<p><strong>Episode summary: </strong></p><p>A short summary of Clarilis a new breed of doc automation tool, as well as an interview with James Quinn, Clarilis CEO.</p><p><strong>Episode transcript (What does Clarilis do?)</strong></p><p>This week we are talking about one of the first disruptive technologies ever introduced to lawyers, document automation, one that many lawyers are now very familiar with, but still not all have adopted. For that, we will be learning about Clarilis and how they are approaching doc automation in their own way, as well as speaking with James Quinn, Clarilis CEO to get his thoughts.</p><p>In a nutshell, doc automation tools are exactly what they sound like, they allow the automated generation of usually complex contracts to be done in a semi-automated way, so that you can draft complex documents in less time, but also importantly reduce risk of drafting errors too. Usually this is done by asking a user to complete a questionnaire about their business situation, the application can then take the data entered and responses to create a tailored document from an existing template or set of standard clauses.</p><p>This tech tends to get used in two typical ways, at one end of the spectrum supporting the drafting of really time consuming documents like share purchase agreements or syndicated loan agreements where simply changing a single defined term, company name or pronoun can result in hundreds of changes throughout the documents, alternatively for very simple documents like NDAs it can allow you to make them self-service, reducing business friction.</p><p>To some of you listening that might have been old news, solutions like Hot Docs and Contract Express have been on the market for quite a while, so what is Clarilis doing differently that sets it apart?</p><p>Principally Clarilis differs in its approach by having its web-based interface be organised around a transaction rather than a single required document like other solutions. This means that Clarilis can be used to automate a whole suite of documents needed for a matter in one fell swoop. Technically this is something you can also achieve with other tools, but is just a lot more complicated to do given their document centred interface.</p><p>One further differentiator that Clarilis is keen to emphasise is their managed service that comes packaged with its software subscription. In this the Clarilis team of lawyers provides professional services to do the full contract automation setup and ongoing maintenance, all you have to do is share your existing contract templates, then they can work back from those to setup the necessary automation.</p><p>This offering is useful not because setting up doc automation is incredibly technically difficult, most systems are pretty user friendly even for lawyers. It's useful because setting up tools like these can be organisationally difficult, requiring collaboration between different teams and an investment of time to setup more complex automation. Realistically though lawyers have to prioritise their time for client work and so just want to use an out-of-the-box solution, which is exactly what this is. </p><p><strong>Episode transcript (Who should use Clarilis?)</strong></p><p>It can be seen from how the market has developed that doc auto is probably best suited for use by lawyers practicing at law firms, and Clarilis is no different. It’s not to say that there are no use cases at in-house teams, just that the highest value use cases like repeat corporate transactions are more frequently handled by outside counsel.</p><p>Although Clarilis is more than capable of supporting large firms it may appeal most to mid-market firms as a result of the packaged consulting services. These would be beneficial for any sized firm, but particularly mid-size firms that may not have the internal resources to dedicate to design, build and maintain the doc automation. </p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://legaltechtapas.substack.com?utm_medium=podcast&utm_campaign=CTA_1">legaltechtapas.substack.com</a>
June 5, 2020
9. ThoughtRiver - Tim Pullan Interview
<p><strong>Episode summary: </strong></p><p>A short summary of ThoughtRiver an AI contract negotiation tool, as well as an interview with Tim Pullan, ThoughtRiver CEO.</p><p><strong>Episode transcript (What does ThoughtRiver do?):</strong></p><p>After a brief departure on the show this episode we are returning to look at AI contract negotiation tools, the original comfort food of the podcast. As part of that, we’ll be digging in to a portion of ThoughtRiver and are delighted to share that meal with Tim Pullan, ThoughtRiver CEO.</p><p>For those that have been tuning in to the podcast for a while you'll know that we've covered quite a few AI contract negotiation tools in the past, LawGeex, Scissero and Legalsifter to name a few. All of these are tools that help you to review and mark up third party contracts more quickly, although many of the tools can be used for large contract review projects as well.</p><p>ThoughtRiver approaches contract review using AI to boil a contract down to its constituent points of meaning using something they call the Lexible Framework. An easy way to think about the Lexible Framework is essentially as just a list of questions you might want to ask about a contract, for example "does it auto-renew?" or "is the indemnity mutual?". Once this analysis is concluded ThoughRiver then compares the answers to these questions with what is considered acceptable from your businesses' playbook, if something is found that appears to deviate from what is acceptable it's flagged as a risk for further review.</p><p>To give you a topical example, if you were reviewing a contract for Force Majeure, ThoughtRiver would not just tell you whether that clause is present or not in the contract, which really wouldn’t be that helpful because we know Force Majeure is in most contracts. Instead it could answer the question “Does Force Majeure include or exclude payment obligations?”. Now whether excluding payment obligations is a good thing for you will depend on whether you are customer or a vendor, so then ThoughtRiver compares this point to your playbook to find that out.</p><p>At this point you might be thinking this sounds great, but configuring my negotiation playbook in the application is going to be difficult, and you are probably right, fully configuring your playbook for every contract type and eventuality might be hard. Many companies don’t even have their playbook formally written down anyway. However, ThoughtRiver does have a neat feature that goes some way to help with that. Instead of manually setting all your policies in the application, if you upload your own contract template ThoughtRiver will analyse it and configure negotiation responses for you by mimicking language that's in that contract. Additionally in the tool there are some sensible pre-set negotiation notes and clause suggestions you can use.</p><p>In terms of leveraging all of this functionality, ThoughtRiver has decided to keep the traditionalists happy offering a plugin that shows you all the results while you are working directly in MS Word, alternatively you can also view them in the contract viewer within ThoughtRiver, up to you.</p><p><strong>Episode transcript (Who should use ThoughtRiver?):</strong></p><p>I’ve mentioned a few times on the show that tools like ThoughtRiver are best suited to those that negotiate a higher volume of contracts, so I won’t labour that point again.</p><p>Instead I’ll say this, primarily ThoughtRiver and other similar tools are best for those that negotiate 3rd party contracts, procurement teams could be a good example. Third party contracts take longer to review when you have to reconcile what they say with what you can accept, which is exactly what ThoughtRiver is good at. If you are negotiating contracts that start from your paper, you still have issues don’t get me wrong, but reconciling what has changed with what you can accept just isn’t as hard to do. </p><p><strong>About ThoughtRiver:</strong></p><p>ThoughtRiver addresses a fundamental problem for lawyers (in-house and private practice): you simply don’t know which part of a contract to focus on without reading it all. In doing so we also address a key problem for CEOs, "how do I increase deal velocity?" Our <a target="_blank" href="https://www.thoughtriver.com/pre-screening">automated contract review</a> technology speeds up the contracting process by reading the contract, answering key legal questions and then serving up detailed advice and guiding users through remediation within Microsoft Word. The end result is a team of more efficient lawyers who directly increase deal velocity allowing companies to pull revenues forward.</p><p><strong>About Legaltech Tapas:</strong></p><p>Legaltech Tapas is a regular podcast that serves up bite sized summaries of the latest legal tools, what they do, and why you might use them. Each episode discusses a different legal tool, and includes an interview with a guest from that company so you can hear directly from the horses mouth why you should be using their product. To get the next episode direct to your inbox, sign up @ <a target="_blank" href="https://legaltechtapas.substack.com/">https://legaltechtapas.substack.com</a> or follow us on Twitter <a target="_blank" href="https://twitter.com/legaltechtapas">@legaltechtapas</a>.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://legaltechtapas.substack.com?utm_medium=podcast&utm_campaign=CTA_1">legaltechtapas.substack.com</a>
April 24, 2020
8. Athennian - Adrian Camara Interview
<p><strong>Episode summary: </strong></p><p>A short summary of Athennian a legal entity management tool, as well as an interview with Adrian Camara, Athennian CEO.</p><p><strong>Episode transcript (What does Athennian do?)</strong></p><p>For a change this week we will be looking at a legal tool that doesn’t claim to use any AI (for the time being at least), an entity management application Athennian, that makes it easy for businesses to keep track of and manage their corporate records. Joining us to talk about all that and more will be Adrian Camara, Athenian Founder and CEO. </p><p>Now legal entity management may not seem like the sexiest topic in the world, but it is an important and necessary activity for businesses especially those that have complicated entity structures. It's not uncommon for big businesses to have hundreds of different legal entities so they can comply with regulatory regimes or even just do business in different parts of the world. This unfortunately makes staying on top of the reporting requirements time consuming and easy to forget about, which isn’t ideal when missing your reporting deadlines could land you with a hefty penalty. On top of that, managing entities can be labour intensive as you have to deal with multiple parties and antiquated government systems. </p><p>In general entity management tools look to solve these problems by doing two things. Firstly, they act as a kind of CRM for your entities keeping all relevant records in a single place, which makes it easier to share that data when regulators or somebody else needs it. Secondly, they help facilitate related workflows like issuing equity, registering new entities or filing your annual reports, so your team can spend less time doing routine paperwork and more time tackling real business problems. </p><p>To give you one specific example, if you needed to create a new business entity, Athennian would automatically generate the required documents (share certificates, minutes and the like), submit the registration electronically, automatically store all the entity information and then next year remind you when it is time to file annual reports. Sounds like a lot right? And I haven’t even touched on things like issuing dividends, changing directors or company amalgamations. </p><p>However, where Athennian really differs from legacy tools which surprisingly people are still using on-premise, is that it brings these functions in to the cloud, kind of making Athennian the Salesforce of the entity management world. One specific benefit of using Athennian in the cloud, on top of the usual ones, is that Athennian has much better connectivity with government portals and other external systems, meaning that you can register a new entity or e-file your annual reports with the required authorities without having to leave the application. </p><p><strong>Episode transcript (Who should use Athennian?)</strong></p><p>In general the organisations that benefit from using entity management applications are the ones that have a high volume of entities to manage, which means either law firms that are managing a lot of entities on behalf of clients, or large corporations that tend to have complex entity structures for regulatory, tax or other purposes. If you don’t have a high number of entities then chances are managing your entities is not really much of a pain point for you. </p><p>Because this problem is not a new one, many organisations will already have some solution in place. Therefore the organisations I expect will benefit most from Athennian will be the ones that are still using older legacy on-premise solutions. Upgrading to Athennian (or another cloud based offering), would enable them to connect disparate processes that are currently silo’d, creating a seamless flow of information in addition to just storing entity data. </p><p><strong>About Athennian:</strong></p><p><a target="_blank" href="http://www.athennian.com/"><strong>Athennian.com</strong></a> is the top reviewed legal entity management cloud platform used by the world's leading law firms and legal departments. Integrating entity data management, document assembly, eSign, org charts, and e-file, Athennian is selected by modern legal and tax teams to scale legal entity governance. Athennian offers rapid migration for customers from any legacy database including ALF, CorpLink, EnAct, GlobalAct, EnGlobe, FastCompany, Corporate Focus, Blueprint (Diligent Entities), GEMS, Secretariat, hCue, Effacts and more.</p><p><strong>About Legaltech Tapas:</strong></p><p>Legaltech Tapas is a regular podcast that serves up bite sized summaries of the latest legal tools, what they do, and why you might use them. Each episode discusses a different legal tool, and includes an interview with a guest from that company so you can hear directly from the horses mouth why you should be using their product. To get the next episode direct to your inbox, sign up @ <a target="_blank" href="https://legaltechtapas.substack.com/">https://legaltechtapas.substack.com/</a> or follow us on Twitter <a target="_blank" href="https://twitter.com/legaltechtapas">@legaltechtapas</a>. </p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://legaltechtapas.substack.com?utm_medium=podcast&utm_campaign=CTA_1">legaltechtapas.substack.com</a>
11 total episodes available
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This podcast updates daily.
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